Florida real estate market posts rising median prices, more spot sales

The Florida real estate market reported higher median prices, increased cash sales and limited inventory levels in September compared to a year ago, according to the latest housing data from Florida Realtors.

“Data for September shows that although median prices are well above their levels of a year ago for single-family and townhouse condominiums, the rate of price growth from month to month. the other has slowed down considerably in recent months, ”said Cheryl Lambert, President of 2021 Florida Realtors, broker-owner of Only Way Realty Citrus in Inverness. “Of course, demand and the lack of inventory continue to put increasing pressure on home prices. If mortgage rates start to rise further in the next few months, as many analysts predict, it could dampen the intense demand we are seeing. “

The statewide median selling price of existing single-family homes in September was $ 355,000, up 18.3% from the previous year, according to data from the Florida Realtors Research Department in partnership. with councils / associations of local real estate agents. Last month, the statewide median price for townhouse condo units was $ 255,000, up 17.2% from September 2020. The median is the midpoint; half of homes sold for more, half for less.

Closed sales of single-family homes statewide last month totaled 28,302, down 1.3% year-over-year, while sales of existing townhouse condominiums totaled 11,845 , up 4.9% from September 2020. Closed sales can take place from 30 to 90 days or more. after-sales contracts are drawn up.

Florida Realtors Chief Economist Dr Brad O’Connor said: “However, a year ago in September, we were in the midst of a huge increase in sales resulting, in part, from transfer transactions. pandemic that would otherwise have occurred in the spring, late summer and fall. If we instead compare the September sales figures to those of two years ago from September 2019, closed single-family homes have increased by more than 20%, and closed sales of condos and townhouses have increased by 31.5%. And so, compared to pre-pandemic levels, the resale market of Florida housing always performs exceptionally well. ”

In a continuing trend, the share of completed sales that were all-cash purchases increased last month compared to the previous year. In September, sales of existing single-family homes paid for in cash increased 38.5% year over year, while cash sales of townhouse condominiums increased 22.9%.

On the supply side of the market, new listings and inventory (active listings) remained limited last month, O’Connor said.

“New listings of single-family homes grew only 2.2% year-on-year in September, the smallest increase since February 2021,” he noted. “New listings of condos and townhouses, meanwhile, fell year over year for the first time since January, down 7.3%. This slowdown in new listings relative to the pace of sales has resulted in our inventory levels stagnating. While it is good news that stocks are not falling again, this scenario is not completely ruled out in the coming months. In the longer term, the only way to overcome this shortage is to build more new homes. “

Existing single-family homes remained at a very low 1.3-month supply in September, while condominium and townhouse inventory was at 1.7 months supply.

According to Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was on average 2.90% in September 2021, a slight increase from the 2.89% on average in the same month a year earlier.

To view the full reports on statewide housing activity, go to the Florida Realtors Newsroom and check out the Latest Releases section or download the PDFs of the September 2021 data report under Data market on the site.

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